No one really wants to hear about life insurance. But if anyone is financially dependent on you, it is a subject you should not avoid.
There are various types of life insurance plans, but ultimately, they all pay your loved one’s cash should you die. Life insurance money can be used to fund regular living costs, mortgage, or rent payments, unpaid debts, tuition, and other necessary expenses. It is the only way to guarantee that your loved ones are in a secure financial situation if you and your income are no longer in the picture.
You should get a life insurance if you fall under one of these categories:
HOW OFTEN SHOULD I REVIEW MY LIFE INSURANCE?
As a general rule of the thumb, it’s a good idea to at least review it once a year or whenever a life change happens. A life insurance review will help you ensure that you coverage is at the right level to protect your loved ones. Life insurance often needs to be adjusted after a big change like getting married, having a baby, starting a business, retiring and more.